Company Registration No. 14322656 (England and Wales)
LEVEL FIFTY THREE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
LEVEL FIFTY THREE LTD
COMPANY INFORMATION
Directors
Miss S Brereton
(Appointed 30 August 2022)
Mr A L Green
(Appointed 30 August 2022)
Company number
14322656
Registered office
128 City Road
London
EC1V 2NX
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Tide Platform Limited
Crusader House
125-157 St John's Street
London
EC1V 4QJ
LEVEL FIFTY THREE LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
LEVEL FIFTY THREE LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LEVEL FIFTY THREE LTD FOR THE PERIOD ENDED 31 AUGUST 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Level Fifty Three Ltd for the period ended 31 August 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Level Fifty Three Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Level Fifty Three Ltd and state those matters that we have agreed to state to the Board of Directors of Level Fifty Three Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Level Fifty Three Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Level Fifty Three Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Level Fifty Three Ltd. You consider that Level Fifty Three Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Level Fifty Three Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
15 February 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
LEVEL FIFTY THREE LTD
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
2023
Notes
£
£
Fixed assets
Tangible assets
3
1,488
Current assets
Debtors
4
13,700
Cash at bank and in hand
68,819
82,519
Creditors: amounts falling due within one year
5
(74,676)
Net current assets
7,843
Total assets less current liabilities
9,331
Provisions for liabilities
6
(283)
Net assets
9,048
Capital and reserves
Called up share capital
7
100
Profit and loss reserves
8,948
Total equity
9,048
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 February 2024 and are signed on its behalf by:
Miss S Brereton
Director
Company Registration No. 14322656
LEVEL FIFTY THREE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information
Level Fifty Three Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 128 City Road, London, EC1V 2NX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% on reducing balance
Computer equipment
25% on cost
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
LEVEL FIFTY THREE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 1.
3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 30 August 2022
Additions
474
1,698
2,172
At 31 August 2023
474
1,698
2,172
Depreciation and impairment
At 30 August 2022
Depreciation charged in the period
118
566
684
At 31 August 2023
118
566
684
Carrying amount
At 31 August 2023
356
1,132
1,488
4
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
13,700
LEVEL FIFTY THREE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
£
Trade creditors
228
Taxation and social security
29,339
Other creditors
45,109
74,676
6
Provisions for liabilities
2023
£
Deferred tax liabilities
283
7
Called up share capital
2023
£
Ordinary share capital
Issued and fully paid
60 Ordinary of £1 each
60
40 Ordinary A of £1 each
40
100
100 Ordinary £1 shares were allotted and fully paid for cash at par during the period.
Subsequently, the company then passed a special resolution by reclassifying 100 Ordinary £1 shares into 60 Ordinary £1 shares and 40 Ordinary A £1 shares. The rights and privileges attached to these shares remain unaltered.
8
Ultimate controlling party
The ultimate controlling party is Miss S Brereton.
9
Comparatives
This is the company's first period of trading, therefore there are no comparatives.